Although most eyes are focused on startup developers, you too could benefit from the MTN mobile money Open API in various ways. MTN Uganda launched its API to the Public in Uganda (out of all the countries the service operates). The API can be accessed from their website.
During the launch, part of the audience which was mainly made up of developers showed concerns on why it took the telco giant over nine years since Mobile money came to launch the APIs to the public despite several requests coders made to the company.
Part of the reasons as to the company was so so keen of opening up this API to the public was due the the several products under mobile money such as MoMo Pay, MoKash among others which had diverted them, according to Elsa Muzzolini the General Manager Mobile Financial services MTN. The CEO – Wim Vanhelleputte one another hand expressed their regret for the delay and called upon developers to embrace this opportunity and develop applications that will use the Mobile Money API.
READ: MTN set to introduce the first Mobile Money API in Uganda
We look at how this could impact the fin-tech eco-system
Monetizing Products
Developers have a chance of monetizing (collecting money from) the goods and services their products offer to people. Through the Mobile Money API, startups will be in position to collect money from let’s say subscribers to a news-site can meet their subscription fees through mobile money serving as alternative to the unpopular payment methods among Ugandans such VISA, MasterCard, PayPal.
This opens doors for our e-commerce industry as it offers mobile money as one of the convenient payment methods. Previously a few e-commerce sites/business have had the ability offer customers this payment option such a betting sites like BETWAY.
This is therefore one of the biggest spaces developers could take up to earn revenue from the registered 10 million customers registered on this service ( Mobile Money).
Faster app development.
As explained from our previous article, APIs act as a linking interface between applications and systems, developers coming up with applications that will require monitor money services will save plenty of time to add MTN Mobile Money features since the APIs to these are readily available to the public. You can find out what services this API will offer both developers and customers in the article below.
READ :8 Things You Should Know About The MTN Mobile Money API
Initially, when developing applications developers would have to come up with all code to facilitate interaction between their applications and operating systems of devices until APIs came up. For example, WhatsApp, Instagram and other social apps that need to access your camera all use the camera APIs from Androids and iOS instead of each coming with their separate camera code to do the same job.
This saves programmer’s time and lets them focus on other tasks at hand.
Approval Time and Testing
A few businesses initially having access to the mobile money API, these would go through a long process and prolonged bureaucracy before having their businesses integrated with mobile money system.
This time round, users only have to access the API from the site, submit their proposal and wait for approval from the MTN.
A testing toolkit “Sand box” is also available to developers who will use this to test the API features with their systems before launching the product. The sandbox is free of charge,
Paperless Trend.
With the major aim of promoting financial inclusion within the sector, mobile money has made money collection and movement of funds faster, safer and easier. According to Gerald Otim- CEO of Ensibuuko, says the initiating contributions through mobile money has created convenience for their members who save money in SACCOs. People in rural areas are able to simply put/add money to their accounts without walking to regional offices.
This will see more financial groups-SACCOs, saving and investment clubs gain growth due to ease and safer ways of collect money from members us we have seen insurance companies like Mazima pick up due to the same factor.
However, this also creates concern on how these will be regulated since the systems will spend less time in being approved. Will subscribers/members be safe?
Variety of technologies-APP/WEB/USSD
The open API is not only limited to Mobile app developers targeting the smartphone users but will also look out WEB based technologies (websites) and Unstructured Supplementary Service Data (USSD the *131*, *100# codes) which offer alternatives to mobile users especially those without smartphone app.
When all is said and done it still goes down to the financial support towards startups in Uganda’s which MTN also has expressed commitment through the launch of 1 Billion start up fund that will be extended towards groups through a competition set to start on 3rd December, 2018. In addition to this, there will be training of developers as they are being exposed to the APIs.
READ: MTN Unveils Shs 1B Fund as it Opens its Mobile Money API to Developers
